YouTrip, a fintech company based in Singapore, has raised $50 million in a Series B funding round led by Lightspeed. The latest funding brings the total amount raised by YouTrip to $100 million since its inception in 2018. The company aims to utilize this funding to further develop its product technology and expand its presence in Southeast Asia, specifically in Indonesia, Malaysia, the Philippines, and Vietnam.
Key Takeaway
YouTrip, a Singapore-based fintech, has raised $50 million in a Series B funding round led by Lightspeed. The company plans to utilize the funding to expand its product offerings and enter new Southeast Asian markets. With its strong growth in transaction volume and user base, YouTrip aims to capitalize on the increasing digitization of SMEs and consumer financial habits.
Expanding Its Product Reach and Team
The new funding will enable YouTrip to enhance its multi-currency wallet services and corporate cards for small and medium-sized enterprises (SMEs). The company also plans to hire over 100 new team members to support its regional expansion. YouTrip is licensed as a Major Payment Institution by the Monetary Authority of Singapore, offering a range of services including payments, foreign exchange, remittances, and cards.
Growth and Milestones
Since its establishment, YouTrip has processed close to $10 billion USD in annualized transaction volume. The company has experienced significant growth in its e-commerce payment volume, with a 238% increase since its Series A funding round in 2021. YouTrip’s consumer multi-currency spending in Singapore and Thailand has also grown substantially over the past two years, leading to a tripling of its user base.
Focusing on YouBiz
YouTrip’s corporate card product, YouBiz, has gained traction among small businesses. Since its launch in May 2021, YouBiz has onboarded more than 3,000 enterprises, primarily in the tech industry. The card enables businesses to make payments, receive money, and invoice consumers globally in multiple currencies. The company plans to double the number of YouBiz customers by 2024.
The Advantages of Localization
YouTrip differentiates itself from other multi-currency wallet providers and SME accounts/corporate card issuers through its strong localization strategy. The company tailors its mobile apps and card designs for each market it enters, ensuring a seamless user experience. This localization approach has contributed to YouTrip’s larger market share and its success in the region.
Capitalizing on the Digitization of SMEs
YouTrip sees tremendous opportunities in the digitalization of SMEs, particularly as traditional banks still dominate the market. With its own licenses and proprietary tech stack, YouTrip is well-positioned to offer innovative solutions to SMEs seeking to automate their financial processes and adapt to the remote workforce trend.
Lightspeed, the lead investor in the funding round, expressed confidence in YouTrip’s digital payments platform and its ability to provide users with a superior experience in foreign currency transactions.
With its latest funding round, YouTrip is poised for further growth and expansion in Southeast Asia, fueling the ongoing digitization of financial services and meeting the evolving needs of consumers and businesses in the region.
